Workplace pensions the most valued benefit
A survey by the National Association of Pension Funds (NAPF) has revealed that a workplace pension is the most important company benefit an employer can offer.
However, while three quarters of employees believe it is important to have a pension that comes with their job, only 48% have confidence in pensions when compared with other forms of retirement saving. With 45% of those surveyed not having confidence in pensions, there is a net pensions confidence gap of only 3%.
The survey also revealed that those employers not offering a workplace pension are missing out on a loyalty bonus from their staff. Almost half of employees in these companies would feel greater loyalty to that company if they did offer a workplace pension.
NAPF chief executive Joanne Segars, said: “Today’s workers still value pensions as a fundamental part of their employment package and believe they remain the best way to save for retirement. For employers there is a clear message that providing a workplace pension is rewarded by increased employee loyalty.
“The gap between the importance people attach to a workplace pension is at odds with their confidence, so it is clearly imperative that both the Government and the industry work harder to restore a positive image.
“Increased confidence will, in part, come with increased understanding and direct access to information. The workplace is an ideal place to provide this information.”